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Thursday, September 21, 2017

November SPX Unbalanced Iron Condor

Trade Details:

20 November SPX 2325/2315 Credit Put spreads  0.50 Credit ($1000)
5   November SPX 2575/2585 Credit Call spreads 1.00 Credit ($500)

Net Credit: $1,500
Days to Expiration: 57
Conservative Call side size once again, playing the 4 to 1 ratio of Puts to Calls.

Profit picture:
(Click on image to enlarge)


An SPX Chart for future reference and self-study:
(Click on image to enlarge)


Trade Update - October 5, 2017
Added a small credit on the Put side as the SPX keeps going up and yet no overbought extreme condition is materialized
(Click on image to enlarge)

Trade details:
Sold 10 November SPX 2425/2420 Credit Put spreads 0.25 Credit
In dollar terms that's an extra $250.

The total credit collected from Put sides alone is now $1,250.
The 2575/2585 Credit Call side is losing roughly that same amount right now. I could take a loss there, and overall should come out with a break-even trade by November expiration. Assuming of course no serious market sell-off takes place.

Here's the updated profile risk of the position with today's addition:
(Click on image to enlarge)



Trade Update - October 10, 2017

Closed 5 November SPX 2575/2585 Credit Call spreads @3.25 debit
The original credit was 1.00 per spread, so this is a net loss of 2.25 per spread.
A $1,125 loss for 5 spreads.

The total credit received from Put spreads ($1,250) is greater than today's loss. So, overall the trade may still end up as a small winner in the end.

I'll consider re-establishing a Call side around SPX 2,630/2,640 if SPX reaches 2,570 or so.



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